Finance Ministers pragmatic budget was old wine in a new bottle with vision missing for long term economic growth and progress. Budget in today’s times in any case has no meaning when important decisions are altered even after presentation of the budget. People making money should be willing to pay taxes and LTCG on gains over one lakh is welcome. But the missing indexation benefit comes as a shock. The cost price of stocks bought decades back cannot be put to par at present valuation and Arun Jaitely has clearly erred on this front which means he is encouraging people to trade in stocks than invest in the markets.
The budget I thought has an eye on the upcoming parliamentary elections. Everything went well for the capital market this last 4 years and nothing for poor all this time. Now the trend is being reversed and such short sightedness before election time is unwarranted and policies should have consistency and nation’s development in mind!
(The views expressed by the author in the article are his/her own.)